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Unsurprisingly, the downturn has brought all manner of bloodsuckers out of the woodwork, trying to cash in on others' problems – don't let them catch you.

If you open your newspaper or turn on your digital TV then you will see advert after advert for debt solutions, debt management, debt practitioners and insolvency experts. They will promise that they can solve your debt problems, they can reduce your debts and they can find you finance when no one else can.

Simply, be critical of any person promising a quick-fix debt solution, because there is no such thing.

These companies are usually unregulated, unproven and almost criminal. They will charge huge fees and will not help you one bit. They may put you on a Individual Voluntary Arrangement scheme which will could well leave you in a lot of trouble. Or they will just move around your debts and tie you up with more unsecured loans, which will not hep you at all.

If you want to combat your debts, you have to realise that there is no quick solution. The only way to reduce what you owe is to pay it back, through secured borrowing or simple saving. The credit crunch has stopped the debt merry-go-round, there are no quick solutions – there is little chance for unsecured debt, sub prime lending no longer exists and credit scores have become paramount in a lender's decision to offer anyone any money at all.

So don't listen to the sharks, they will not help you. Get some real professional ADVICE, not some salesman trying to make money from your problems. An adviser will show you where you can get help and where you can't. They might not even be able to offer you any products, but they will be able to give you some real, legal, honest advice about your debt situation.

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.